Getaround (NYSE:GETR) stock is on the rise Wednesday as investors learn of the carsharing company securing additional financing.
Getaround reports that it has reached an extended debt facility agreement with Mudrick Capital Management. This makes another $50 million in financing available to the company. It has also already drawn $20 million from that.
Jason Mudrick, chief investment officer of Mudrick Capital Management, said the following about the financing new:
“As I work with Eduardo and the reconstituted management team on Getaround’s vision for the future, I’m increasingly confident in the company’s ability to execute against its strategic growth and profitability plans. Getaround’s unique competitive advantages and significant untapped market opportunities inspire my continuing support for the business plan through 2024 and beyond.”
GETR Stock Movement Today
GETR stock is seeing heavy trading on Wednesday alongside the financing news. That has more than 29 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 458,000 shares.
GETR stock is up 35.8% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
